European refining margins negative in Dec: Total

GeraldineAmiel

PARIS -(MarketWatch)- Total SA (TOT, FP.FR) Chairman and Chief Executive Christophe de Margerie Thursday said the French oil major's European refining margins were negative in December.

Speaking in a conference in Paris set up by the French Energy Ministry, de Margerie noted that even in the U.S. the refining market is experiencing difficulties, adding that Swiss refining group Petroplus Holdings AG's (PPHN.EB) problems have been due to this.

Petroplus earlier Thursday said all of its credit lines, which had until now enabled it to buy crude oil for its five European refineries, had been dropped, triggering a massive fall in its share price.

Petroplus has moved to idle three of its five refineries--one in northern France, one in Belgium and one in Switzerland.

Total is currently supplying Petroplus's French customers as Petroplus isn't delivering anymore, to avoid a shortage of refined products rather than to assist Petroplus, he said.

As for its U.K.-based Lindsey refinery, which Total has sought to sell for almost two years, de Margerie said it will "probably" be reintegrated into the group's system, as the company was unable to sell it by the end of last year.

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